The United States imposed sanctions on Iran’s largest cryptocurrency exchange, Nobitex, on Tuesday, accusing it of facilitating sanctions evasion for the Iranian government and blacklisted state institutions. The Treasury Department also sanctioned Nobitex executives, including two brothers from the influential Kharrazi family and CEO Amir Hossein Rad.
Core Facts & Immediate Action
The sanctions follow a Reuters investigation revealing Nobitex’s role in processing hundreds of millions of dollars for Iran’s central bank and the Islamic Revolutionary Guard Corps (IRGC). The exchange continued operations even during government-imposed internet shutdowns, moving funds out of Iran. Treasury Secretary Scott Bessent stated the sanctions aim to counter Iran’s use of digital assets to evade economic pressure.
Deeper Dive & Context
Sanctions Details
The U.S. Treasury designated Nobitex, along with three other exchanges (Wallex, Bitpin, and Ramzinex), and four executives. The sanctions target Nobitex’s alleged support for the IRGC and central bank, including transactions during internet blackouts. Bessent claimed the U.S. has seized $1 billion in Iranian crypto assets.
Iran’s Crypto Ecosystem
Cryptocurrency plays a key role in Iran’s sanctions evasion, with the IRGC accounting for roughly half of the country’s blockchain activity in late 2025, per Chainalysis. The U.S. has previously sanctioned U.K.-based exchanges tied to Iran’s regime.
Political & Economic Context
The sanctions align with Operation Economic Fury, a Treasury-led effort parallel to military operations. Bessent framed the measures as part of a broader campaign to counter Iran’s economic strategies, including supporting terrorist proxies. Critics argue the sanctions could further strain Iran’s economy, already in decline.
Diverse Perspectives
While U.S. officials emphasize sanctions as a tool to curb illicit financial flows, Iranian officials have not publicly responded. The Reuters investigation highlighted Nobitex’s ties to powerful families, including the Kharrazi clan, with links to Iran’s supreme leader. The exchange’s continued operation during internet shutdowns underscores its role in Iran’s parallel financial system.